Cyberattack will impact Tower's 3Q results

September 12, 2020 //By Peter Clarke
Cyberattack will impact Tower's 3Q results
Specialty foundry chip supplier Tower Semiconductor Ltd. (Migdal Haemek, Israel) has said that all its wafer fabs have restarted after a cyber "event" reported on Sept. 6.

However, the event is set to impact the foundry's 3Q20 financial results.

The cyber event caused Tower to cease certain operations and lockdown some of its computer systems (see Cyber attack causes Tower to halt chip operations ). The cyber "event" has been described as a ransomware cyber-attack that, reportedly, Tower was prepared to pay-off with insurance (see Report: Tower set to pay hackers to regain control ).

In a statement Tower said that all its sites are now operational and that the company is expecting to reach full manufacturing capacity and capability within a few days. It added that the disruption caused by the event it expects some impact on its third quarter results.

Tower stated: "Due to immediate and effective procedures, Tower is confident of the functional quality of the work in progress and production line inventories, with company and customer data remaining protected."

Even if Tower has not lost work in progress simply pausing wafer starts for one week would take out a small percentage of Tower's production for the quarter and coming late in the quarter there is scant opportunity to catch up the missing production. Tower may be able to increase production in the fourth quarter to reduce the impact on customers.

Tower, makes analog, mixed-signal, RF chips used across many sectors including: automotive, mobile communications and infrastructure, medical and aerospace and defence.

Related links and articles:

www.towersemi.com

News articles:

Report: Tower set to pay hackers to regain control

Cyber attack causes Tower to halt chip operations

US considers targeting SMIC with trade embargo

Researchers compromise secure Siemens PLC in cyberattack


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